When an organisation has their benefits package just right, their employees are likely very happy and will stick around for a long time. But retention is not the only improvement employers will notice. When employees are happy and healthy, they are also more productive and motivated.
Starting or overhauling a benefits offering is tough, and it's often difficult to know where to begin. Before you implement or change anything though we recommend surveying your teams and holding town halls to fully understand what your people want.
For benefits to be effective, they need to meet your employees' needs at an individual level. But how do you do that, and is it even possible? Fortunately, it is possible, and most companies achieve this by using a mix of core benefits and discounts blended with a points-based reward and perks system.
When an organisation has a package like this the benefits and perks are tailored to everyone. This is hugely important as the more your employees use their benefits, the bigger your ROI is. After all, if you've invested a lot of money in a discount scheme, you want your employees to use it.
Employee benefits are well worth the investment. However, it can be tricky to get the balance right. Firstly, how do you know if your employees will actually use those benefits, and secondly, will they actually make a meaningful difference to your organisation?
This is where a comprehensive employee experience tool, such as Perkbox is useful. Perkbox includes a range of benefits, perks, and wellbeing resources to enhance all aspects of employee experience.
Giving your employees access to a comprehensive employee experience solution has the following advantages:
However, not all benefits carry the same weight. Some will have more of an impact than others, and this all depends on the culture of your organisation — don't forget that all organisations and their needs are unique.
That being said, there are five types of benefits that tend to improve any organisation and have the highest ROI.
An employee discounts package will be very much appreciated by your team. The more money they can save, the better, as it reduces the impact of the cost of living.
When designing a benefits package, consider your workforce demographic. For instance, many fast-food chains have younger employees who would prefer to save money on clothes, experiences, and meals out.
Alternatively, when another organisation doesn't employ anyone under 30, the benefits and perks that would resonate most would be grocery shop savings, season ticket loans, or help with childcare costs. But it's not a case of having one or the other, it's all about prioritisation and this where Perkbox helps.
With Perkbox, your teams can access thousands of perks, benefits, and freebies. This means they can save money on big brands, the grocery shop, and days out. There are no compromises. Perkbox can provide such an array of offerings due to its relationship with brand partners it has developed over many years.
Moreover, with Perkbox, you can also add your company benefits to the platform, for example, if you already have an enhanced healthcare package. This means your teams don't have to dig around old onboarding documents and policies to find the benefits they need.
Every organisation wants their employees to receive a reward they value. Otherwise, it will have no effect. In an ideal world, managers would know their direct reports very well and understand their hobbies and interests. Unfortunately though, when companies grow more dispersed and teams swell in number, nurturing those once close relationships becomes more complex.
For these reasons, points-based reward systems are popular and work very well for many businesses. Instead of directly rewarding the employee with a voucher or gift, you award them points. Employees can use these points as they wish.
If they want to spend them right away they claim a reward of nominal value, perhaps a free coffee for example. However, when they save them, they can redeem a bigger gift card with a brand they love. Perkbox has thousands of rewards with some of the biggest and best international brands, so there is something for everyone.
For truly custom rewards, though — or rewards without a monetary value — the Perkbox app has the option of adding them. These rewards could include an extra day of annual leave, a free lunch, or time with the CEO.
Supporting your teams' wellbeing reduces absences and increases their resilience and motivation. Burnt out employees are inefficient, so the best way to maintain productivity is to give your teams manageable workloads. Additionally, it's essential to provide them with the tools they need to care for their mental and physical health.
Perkbox's wellbeing library includes plenty of on-demand and ad-free resources to energise, unwind, or calm — depending on what your employees need most. For days when they want to get moving, there are plenty of HIIT and strength workouts. Alternatively there are relaxing yoga flows and sleep stories for winding down. In addition to all of this, expert-led webinars cover financial health, nutrition, and more.
Corporate discount schemes can also cover gym memberships, gym wear, and supplements. Employee Assistance Programmes — or EAPs, offer help for various complex issues, including relationships and legal advice. Including all of these wellbeing benefits and resources means your employees get access to a well-rounded support system that keeps them at their best.
Everyone wants to know when they've done a good job, and showing appreciation is one of the most significant driving forces of motivation. However, celebrating small or large wins shouldn't just be the manager's responsibility. It's up to everyone to cheer these wins regardless of their rank or seniority. In fact, peer-to-peer recognition can be just as validating as manager recognition, yet so many businesses fail to prioritise it.
Digital recognition and reward programs aim to bridge this gap and help connect everyone in your organisation. With Perkbox, for example, it includes a real-time recognition feed that automatically updates when an employee has left a colleague or peer recognition. Not only does the recipient get to see that recognition right away, but so does the whole business.
Because Perkbox enables colleagues to celebrate each other publicly, it could replace an employee of the month award system. However, we think the two can work very well together. Moreover, managers can attach points to each recognition they send, which employees can exchange for rewards. In fact, there are over 8,500 rewards employees can claim with Perkbox.
Investing in learning and development is a guaranteed ROI. Upskilling makes employees feel more fulfilled and motivated, and you benefit from their newly gained expertise. Recruitment costs are only increasing, and it's essential to mitigate these as much as possible by providing in-house training.
However, learning and development doesn't just benefit your current staff. It can also attract talent to your organisation. People who want to advance in their careers look for learning and development benefits as part of their job search. So putting on courses or training shows you value ambitious candidates who are eager to learn more.
With Perkbox, employees can take courses for free or at a discounted rate with brand partners. Whether they want to focus on creativity, problem-solving, or wellbeing — there are plenty of subjects they can explore and learn more about. Helping your employees reach their full potential is one of the best things you can do as an employer and benefits everyone.
Perkbox targets all the essential elements of employee experience, which keeps your teams happy and healthy.
All-in-one rewards and benefits solutions are more cost-effective than segmenting your offerings, as everything your employees need is in one app.
Another advantage of using one app is that everything is trackable, and with Perkbox's enhanced reporting functionality, you can see what benefits are most popular and may require more investment.
Keeping all of your core benefits, perks, and wellbeing resources together also promotes usage and increases that all-important ROI.
We've put together this guide to give you the tools you need to plan, create and review your very own employee benefits strategy.
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